Economy, Economic Crisis | featured news

JPMorgan Chase & Co Chief Executive Jamie Dimon said on Wednesday he sees "modest signs" of an economic recovery and endorsed a plan to create a U.S. systemic risk regulator.

US President Barack Obama says that countries must take concerted action to spur global economic growth.

Some Democrats are increasingly concerned about President Obama's $787 billion financial fix for the ailing economy, and are demanding greater transparency on further spending.

Acknowledging it's an "imperfect" bill, President Barack Obama said he will accept a $410 billion spending package but insisted it must signal an "end to the old way of doing business."

United Technologies Corp cut its 2009 profit target by about 13 percent and said it would eliminate 11,600 jobs as it no longer anticipates an economic recovery this year.

In the global descent into recession, Japan continues to lead the way.

Warren Buffett said on Monday the U.S. economy had "fallen off a cliff" but would eventually recover, although a rebound could kindle inflation worse than that experienced in the late 1970s.

The practice gives workers some security but, over time, employee morale still suffers.

Developing nations face budget shortfalls of up to $700B in 2009 due to global financial crisis.

NEW YORK - With ''no end in sight'' for U.S. job losses amid a recession that could stretch into 2010, American workers will soon have to contend with another blow to their confidence: stagnant, or even falling wages. Lower wages, in turn, could further erode the outlook for the U.S. economy by hurting consumers' spending power.